A Dubai Company Bought The First New York Times NFT For AED3.1 MILLION
A Dubai Company Bought The First New York Times NFT For AED3.1 MILLION
“Why Did Someone Pay $560,000 for a Picture of My Column?”
… The value of this digital article now equates to $859,000 and it was purchased by a Dubai company.
But first thing’s first, what’s an NFT?
Nonfungible Tokens are an add on to the cryptocurrency legend. NFTs are a unit of data stored on blockchain, they are unique assets and are used to represent digital-only items like photos, videos and audio, and have thrown the art world into disarray. Recently, a digital-only artwork sold at Christie’s Auction house for a staggering $69m.
This New York Times column was originally priced at $800 but sold for a whopping $560,000
(The value has now gone up).
The Dubai music company buyers remained anonymous but responded they are pioneers of the NFT industry
Once the art was listed, the bidding war began, and 30 bids later, the winning bid went for 350 Ether, (the equivalent of $560,000 at the time).
The winner of the bid has not been named but has been linked to a Dubai-based music company, @3fmusic.
The same account is linked to other big NFT sales including a $14,000 “emoji portrait” of Billie Eilish and an $8,000 artwork titled “Jumping Spider enjoying coffee in the morning” according to the New York Times.
When the NYT reached for comment, the buyers responded:
We are already involved in art and media for a long time now. Our management team is always in cooperation with some highly knowledgeable and experienced art advisers who believe that we must grow with technological movements that help us to not only promote our business but also to support artists and the art market. Thus, we have proudly decided to dedicate sufficient funds and resources to invest in NFT as pioneers of this industry.
Read next: Notable Dubai Resident Lindsay Lohan Will Sell NFTs On The Tron Blockchain
Tron will host the NFTs Lohan will put forward with plans to release her digital collectables on Saturday
We wonder what this could be… hmmm.
The actress has starred in so many iconic movies, shows and video performances- it’s a wonder what she’ll put forward as an NFT.
